Candente Copper Corp. (TSX:DNT)(PINKSHEETS:CCOXF)(LMA:DNT)
("Candente Copper" or "the Company") is pleased to advise that
exploration and feasibility drilling has recommenced on the
Canariaco property.
Two drills are now working on the property. The first hole was
collared on December 21, 2012 on Canariaco Norte and is a
metallurgical hole. The second drill was collared several days
later at Canariaco Sur and is an exploration hole.
The Company received the water permit from the Authority
Nacional de Agua ("ANA") on December 07, 2012 which allows the
Company to use site water for the drilling activities and was the
last permit required for drilling to commence at Canariaco. In
accordance with best environmental practices, water used for
drilling will be collected in ponds and recycled as much as
possible. Upon completion of drilling, water used will be treated
and kept in the ponds where it will undergo a natural evaporation
process. Muds (additives) used for drilling will be contained and
transported off site for disposal in an approved disposal
facility.
Approximately 11,000 metres of feasibility drilling are planned
for Canariaco Norte and approximately 2,500 metres of exploration
drilling are planned for Canariaco Sur. Approximately 140 local
employees are currently engaged in support of the drilling and
other project site activities.
Community Dialogue
The National Dialogue and Sustainability Office of the
Presidency of the Council of Ministers ("PCM") is continuing to
establish a constructive "Dialogue for Development" with the
participation of the different regional and national sectors
related to the Canariaco Project. In this manner proposals,
concerns and development of the area which the community or others
may have will be openly discussed, and that the Company's project
activities, impacts and intentions are accurately and factually
presented.
Candente Copper, which has been clear with policies of social
and environmental responsibilities, abides by and forms part of the
proposal made by the Central Government, in respect for the laws
and practices mentioned above.
This dialogue is intended to build on the agreement of July 8,
2012 whereby the Community of San Juan de Kanaris granted the
Company surface access for exploration for a three year period. The
General Assembly of July 8, 2012 was attended by approximately
1,000 people and the resulting Act (Acta) was signed by over 700
community members.
The Ministry of Energy and Mines ("MINEM") reviewed all legal
documentation and confirmed that the result of this General
Assembly is the only legally valid Community meeting regarding
surface access.
As part of the three year access agreement of July 8, 2012,
Candente Copper committed 1.5 million Peruvian soles (approximately
US$585,000) to the community of San Juan de Kanaris. This fund will
be managed by committees comprised of community representatives and
members of Candente Copper's Peru based management team.
Disbursements approved by the committees will be made for projects,
partnerships and causes demonstrated to promote healthy and
sustainable communities.
Sustainability and Community Development Programs
The Company is continuing its Sustainable Development Programs
within the Community of San Juan de Kanaris. Our community strategy
is based on the United Nation's Millenium Development Goals
("UMDG") which are themes of development highlighted by the United
Nations as the most urgent obstacles to poverty reduction. The
UNDG's focus is on education, gender equality and health, child
mortality, disease control, environment and global
partnerships.
Candente Copper has developed and is supporting agricultural
programs in coffee and quinoa, as well as education and health. The
Company is promoting the development and procurement of local
services and skills geared towards employment to increase shared
value within the communities of the Canariaco project area.
Recently Candente Copper supported the state trades school Sencico
to certify 40 young community members in electrical
installations.
Candente Copper has also formed partnerships with local and
international Non Governmental Organizations and Institutions
("NGOs"). Several of the NGOs work in association with the Company
and several work independently. Save the Children works
independently to improve the maternal skills, hygiene and health of
women and children in the communities of San Juan de Kanaris. Save
the Children is also working to strengthen the connections between
the rural high Andean communities and the health and educational
services and programs of the Regional and National Governments.
Candente Copper's alliance with the Clinton-Giustra Sustainable
Growth Initiative provided much needed corrective eye surgery to a
number of people suffering from reduced vision due to cataracts in
the provinces of Lambayeque and Cajamarca. In coordination with
this program, the Lions Club of Chiclayo has provided free
eyeglasses to a large number of children and elderly who were
diagnosed with substandard vision.
Working with the NGO Progreso Agrario (Pro-A) and the
Associacion de Productores Organicos de San Juan Bautista Kanaris
(A.P.C), Candente Copper is assisting coffee growers in the region
to improve coffee bean quality and yield, achieve eco-socio
certifications, and to obtain direct access to International
markets for their coffee beans. The success of this coffee project
has driven a second agricultural initiative in the promotion of
quinoa demonstration plots in the higher altitude Andean
communities. Collectively, these programs are designed to provide
direct long term benefit to community members through enhancement
of skills in organization and association, nutrition, hygiene,
agriculture, career development and local product marketing
skills.
Candente Copper also has an active partnership with RENIEC, the
authority of the Peruvian government that assigns documentation and
identity cards to Peruvian citizens. Many community members of San
Juan de Kanaris are not registered with the state and as a result
may not have access to state social services such as health and
education.
About Candente Copper
Candente Copper's flagship project is the 100% owned, 7.5
billion pound, Feasibility stage Canariaco Norte Copper Project
located in northern Peru's prolific mining district. The Canariaco
Norte deposit contains a Measured and Indicated resource of 752.4
million tonnes grading 0.49% copper equivalent(i), and an Inferred
Resource of 157.7 million tonnes at 0.44% copper equivalent(i).
Sean Waller, P.Eng., President and Joanne C. Freeze, P.Geo.,
CEO, are the Qualified Persons as defined by National Instrument
43-101 for the projects discussed above. They have reviewed and
approved the contents of this release.
(i) The 'Measured and Indicated Resource' listed above consists
of Measured Resources of 338.1Mt at 0.48% Cu, 0.08 g/t Au, and
2.0/t Ag (0.52% Cu Eq.), plus Indicated Resources of 414.3Mt at
0.43% Cu, 0.06 g/t Au, and 1.8 g/t Ag (o.46% Cu Eq.). All resources
quoted in this release are based on a 0.30% copper cut-off grade
and 229 drill holes completed to March 2008. (i)Copper equivalent
grade including gold and silver, metal recoveries (gold 55%; silver
50%) and smelter returns (copper 96.5%: gold 93%; silver 90%)
applied. Copper grade equivalent calculation: Cu Eq% =(Cu % + ((Au
grade x Au price x Au recovery x Au smelter return%)+(Ag grade x Ag
price x Ag recovery x Ag smelter return%))/(22.0462 x Cu price x
31.0135 g/t x Cu recovery x Cu smelter return%). The metal prices
used are: copper US$2.50/lb, gold US$1,035/oz and silver
US$17.25/oz.
This news release may contain forward-looking statements
including but not limited to comments regarding the timing and
content of upcoming work programs, geological interpretations,
receipt of property titles, potential mineral recovery processes,
etc. Forward-looking statements address future events and
conditions and therefore involve inherent risks and uncertainties.
Actual results may differ materially from those currently
anticipated in such statements. Candente relies upon litigation
protection for forward-looking statements.
CAUTIONARY NOTE TO U.S. INVESTORS
We advise U.S. investors that this news release uses terms that
are not recognized by the United States Securities and Exchange
Commission ("SEC"), including "mineral resources", "measured
resources", "indicated resources" and "inferred resources". The
estimation of measured and indicated resources involves greater
uncertainty as to their existence and economic feasibility than the
estimation of proven and probable reserves. U.S. investors are
cautioned not to assume that mineral resources in these categories
will be converted to reserves. The estimation of inferred resources
involves far greater uncertainty as to their existence and economic
viability than the estimation of other categories of resources.
U.S. investors are cautioned not to assume that estimates of
inferred mineral resources exist, are economically mineable, or
will be upgraded into measured or indicated mineral resources. U.S.
investors are cautioned not to assume that mineral resources in any
of these categories will be converted into reserves.
On behalf of the Board of Candente Copper Corp.
Joanne C. Freeze, P.Geo., CEO and Director
NR-043
Contacts: Candente Copper Corp.info@candentecopper.com
www.candentecopper.com Candente Copper Corp. Walter Spagnuolo
Manager, Investor Relations mobile: +1 (604) 306-8477 local: + 1
(604) 689-1957 ext 3 Candente Copper Corp. Nataly Reategui Investor
Relations, Peru (511) 715-2001 ext 107nreategui@candente.com
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